American Home Products Misses Street Estimates by a Penny

American Home Products ( AHP) said Tuesday that second-quarter profits rose 16%, within range of company estimates but a penny shy of Wall Street expectations.

The Madison, N.J.-based drugmaker reported second-quarter net income of $477 million, or 36 cents per share, compared to $413 million, or 31 cents per share from the year-ago quarter.

Analysts were looking for earnings of 37 cents per share, according to consensus figures compiled by Thompson Financial/First Call. But the company's performance was within its previously predicted range of 35 cents to 37 cents per share.

Second-quarter revenue grew to $3.2 billion, an increase of 6% from a year ago. Sales of human pharmaceuticals, the company's largest division, grew 8% to $2.5 billion in the second quarter. AHP's consumer healthcare divison, which includes over-the-counter medicines, posted second-quarter sales growth of 4% to $522.5 million.